Asbestos Workers Local Union No 2 Welfare Fund
- Assets
- $35.0m
- Revenue
- $16.9m
- Investments
- $10.0m
- Employees
- 5
- Location
- Pittsburgh, PA
- Founding
- 07/1963
- Data as of
- 12/2021
- EIN
- 25-6030310
Organization Overview
Asbestos Workers Local Union No 2 Welfare Fund is located in Pittsburgh, PA. The organization was established in 1963. According to its NTEE Classification (Y43) the organization is classified as: Voluntary Employees Beneficiary Associations (Non-Government), under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Asbestos Workers Local Union No 2 Welfare Fund employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asbestos Workers Local Union No 2 Welfare Fund is a 501(c)(9) and as such, is described as a "Voluntary Employees Beneficiary Association" by the IRS.
For the year ending 12/2021, Asbestos Workers Local Union No 2 Welfare Fund generated $16.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $9.7m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HEALTH & WELFARE BENEFITS
Describe the Organization's Program Activity:
Part 3 - Line 4a
HEALTH AND WELFARE BENEFITS ARE PROVIDED TO MEMBERS OF THE ASBESTOS WORKERS LOCAL UNION #2.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Cassidy Trustee / Co-Chairman | Trustee | 1 | $0 |
James Burnham Jr Trustee / Co-Chairman | Trustee | 1 | $0 |
Timothy Mcmanus Trustee | Trustee | 1 | $0 |
Jonathan Seiler Trustee | Trustee | 1 | $0 |
Keith Connolly Trustee | Trustee | 1 | $0 |
Michael Langsdorf Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $16,450,442 |
| Investment income | $213,679 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $196,118 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,860,239 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $9,295,288 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $39,333 |
| Fees for services: Accounting | $20,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $84,052 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $12,065 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,357 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $14,783 |
| All other expenses | $5,909 |
| Total functional expenses | $9,658,269 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,855,444 |
| Savings and temporary cash investments | $203,752 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,621,601 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $11,936,180 |
| Investments—other securities | $9,972,539 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $406,329 |
| Total assets | $34,995,845 |
| Accounts payable and accrued expenses | $3,210,876 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,665 |
| Total liabilities | $3,219,541 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $31,776,304 |
| Total liabilities and net assets/fund balances | $34,995,845 |